Crude Oil Trading 14 June 2010

Crude oil prices continued to recover, albeit slowly last week, with Thursday’s price action breaking above the $75 per barrel price area but failing to breach the 40 day moving average along with the 200 day moving average, whilst Friday’s price action reversed some of this short term momentum. However, it is interesting to note that Friday’s low found good support from both the 9 and 14 day moving averages which suggests that the recent short term bullish sentiment remains firmly in place and as a result we should expect to see crude oil prices trading higher. Indeed in early oil trading this morning crude oil prices are back above 75 per barrel once again and are beginning to approach the 40 day moving average at $76 and beyond with the 200 day moving average now in attendance. Provided we see a break and hold above these two indicators then we should see oil prices recover to $78 per barrel and beyond which will then provide the platform for a retest of resistance at the 80 per barrel level in preparation to regain $86 per barrel in the longer term, and above.

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